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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Ambuja Cements, ZEE in focus after declaring June 2017 quarterly results
Jul 25,2017

Ambuja Cements consolidated net profit rose 11.9% to Rs 718.24 on 14.7% increase in net sales to Rs 6145.33 crore in Q2 June 2017 over Q2 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Ambuja Cements said that the Governments focus on infrastructure, backed by a good monsoon, should help in spurring economic growth in the second half of the year. The company said it was well prepared for the implementation of the new Goods and Services Tax (GST) with effect from 1 July 2017. The resulting simplification of the tax structure will make it easier to do business and benefit the overall economy in the long run.

Zee Entertainment Enterprises (ZEE) consolidated net profit rose 15.9% to Rs 251.44 crore on 2% decline in net sales to Rs 1540.25 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Bharti Infratels consolidated net profit fell 12.2% to Rs 663.90 crore on 9.7% increase in net sales to Rs 1593.40 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Indiabulls Housing Finances consolidated net profit rose 25.1% to Rs 788.22 crore on 24.2% growth in total income to Rs 3225.02 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Among prominent earnings, Asian Paints, Axis Bank, Bharti Airtel and Hero MotoCorp are scheduled to announce April-June 2017 quarter results today, 25 July 2017.

On a consolidated basis, Mahindra & Mahindra Financial Services profit after tax (PAT) and minority interest declined by 46% to Rs 58 crore on 19% increase in total income to Rs 1886 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

The company, with effect from quarter ended 30 June 2016, had started considering the estimated realisable value of underlying security (which conforms to the RBI norms) for loan assets to determine 100% provisioning for assets which were 24 months overdue which had resulted in lower provision of Rs 193 crore in Q1 June 2016 and Rs 83 crores in the year ended March 2017 with a consequent impact on the profit before tax. In Q1 June 2017, the company has made additional provision of Rs 83 crore against the above mentioned 100% provision cases.

During this quarter, the companys customer base has crossed 4.8 million customers. The company currently has a network of 1,183 offices and the total assets under management (AUM) of Rs 47576 crore as on 30 June 2017, as against Rs 41662 crore as on 30 June 2016, a growth of 14%.

Shares of Salasar Techno Engineering will be listed and admitted to dealings today, 25 July 2017 on the BSE in T group. The initial public offer (IPO) of Salasar Techno Engineering received bids for 90.67 crore shares, NSE data showed. The IPO was subscribed 273.05 times. The IPO opened for bidding on 12 July 2017 and closed on 17 July 2017. The IPO price was fixed at Rs 108 per share.

Just Dials board of directors considered and approved the proposal to buyback shares from its shareholders/beneficial owners other than those who are promoters, members of the promoter group and persons in control, from the open market through stock exchanges mechanism for a total amount not exceeding Rs 83.91 crore, and at a price not exceeding Rs 700 per share. The maximum buyback size represents 9.998% of the aggregate of the companys share capital and free reserves based on the standalone audited financial statements of the company as at 31 March 2017. The announcement was made after market hours yesterday, 24 July 2017.

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JM Financial allots 2,78,244 equity shares
Jul 24,2017

JM Financial has allotted 2,78,244 equity shares of the face value of Re 1 each under ESOS.

Subsequent to the allotment of equity shares as above, the paid-up equity share capital of the Company is Rs.79,70,67,410/- representing 79,70,67,410 equity shares of the face value of Re. l/- each

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Punjab National Bank gets affirmation in ratings
Jul 24,2017

Punjab National Bank announced that Moodys has affirmed Banks local and foreign currency bank deposit rating at Baa3/ Prime -3. Moodys has also reaffirmed the banks foreign currency issuer rating at Baa3. At the same time, Moodys has affirmed the banks Baseline Credit Assessment (BCA) and Adjusted BCA at ba3. Moodys affirmed the banks Counter Party Risk Assessment (CRA) at Baa3 (cr)/ Prime-3 (cr).

The outlook, where applicable, has been changed to Stable from Positive.

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Alan Scott Industries gets NCLT approval for capital reduction
Jul 24,2017

Alan Scott Industries has received the approval of NCLT, Mumbai Bench for scheme of reduction of share capital of the Company on 20 July 2017.

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Sical Logistics to acquire PNX Logistics
Jul 24,2017

Sical Logistics announced that a share purchase agreement has been executed by the Company for the acquisition of PNX Logistics. The total consideration of Rs 10 crore will be bifurcated into Rs 6 crore for the intital acquisition of 60% on or before 01 August 2017 and the balance Rs 4 crore on acquisition of balance shares in 2020.

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13,872 villages electrified till 30th June 2017
Jul 24,2017

3,285 inaccessible villages electrified in various States across the country under Decentralized Distributed Generation Scheme: Shri Piyush Goyal

Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal, said that as per information provided by the States, 13,872 un-electrified census villages have been reported to be electrified up to 30thJune, 2017, out of 18,452 un-electrified villages in the country as on 1st April, 2015. The time-frame to electrify all the villages is 1st May, 2018, the Minister added.

Shri Goyal also informed that the Decentralized Distributed Generation (DDG) scheme, under DeenDayalUpadhyaya Gram Jyoti Yojana (DDUGJY), has been initiated by the Government to provide access to electricity to un-electrified villages/habitations where grid connectivity is either not feasible or not cost effective including the villages located in backward, remote, inaccessible and forest areas. DDG can be from renewable sources such as biomass, biofuels, biogas, Mini hydro, solar etc. Under the scheme, 4,220 projects have been sanctioned with the total project cost of Rs.1354.60 crore, covering 3,285 un-electrified villages in various States across the country, as on 30.06.2017, the Minister added.

STATE-WISE PROJECT SANCTIONED UNDER DDG SCHEME

S. No.STATENo. of projectsUn-electrified villages covered1Andhra Pradesh*427-2Assam5215213Arunachal Pradesh1,1761,1764Chhattisgarh9465205Jharkhand3823936Karnataka3997Kerala *15-8Madhya Pradesh1471479Meghalaya21221210Odisha27627511Telangana *39-12Uttar Pradesh251713Uttarakhand1515Total4,2203,285

* Projects correspond to electrification of Habitations

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Shriram Transport Finance Company allots NCDs aggregating Rs 125 crore
Jul 24,2017

Shriram Transport Finance Company announced that the Allotment Committee - NCDs of the Company in its meeting held on 24 July 2017, approved and allotted 1250 Secured Redeemable Rated Listed Non-Convertible Debenture of face value of Rs.10,00,000/- (Rupees Ten Lakh only) each, aggregating to Rs. 125 crore on private placement basis.

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Outcome of board meeting of I G Petrochemicals
Jul 24,2017

I G Petrochemicals announced that the Board of Directors at its meeting held on 24 July 2017 has decided to undertake a study to evaluate expansion of its Phthalic Anhydride manufacturing facility at Taloja and its downstream products.

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Board of Indiabulls Housing Finance approves private placement of NCDs
Jul 24,2017

The Board of Indiabulls Housing Finance at its meeting held on 24 July 2017 has approved issuance of Secured/Unsecured NCDs, upto Rs 25000 crore & Rs 3000 crore respectively, on private placement basis.

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ICICI Bank allots 170,265 equity shares
Jul 24,2017

ICICI Bank has allotted 170,265 equity shares under ESOS on 20 July 2017

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Indiabulls Housing Finance to pay dividend
Jul 24,2017

Indiabulls Housing Finance announced that dividend will be paid on or before 22 August 2017.

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Board of Standard Shoe Sole & Mould India announces resignation of company secretary
Jul 24,2017

The Board of Directors of Standard Shoe Sole & Mould India at its meeting held on 24 July 2017 has accepted the resignation of Tanvi Panday, Company Secretary of the Company with effect from 01 June 2017.

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Healthcare Global Enterprises to convene AGM
Jul 24,2017

Healthcare Global Enterprises announced that the 19th Annual General Meeting (AGM) of the company will be held on 10 August 2017.

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Indo Thai Securities announces board meeting date
Jul 24,2017

Indo Thai Securities will hold a meeting of the Board of Directors of the Company on 3 August 2017, to consider and approve Standalone and Consolidated Unaudited Financial Results of the Company for the 1st quarter ended on 30th June 2017 and to transact other incidental & ancillary matters.

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Kwality Credit & Leasing announces board meeting date
Jul 24,2017

Kwality Credit & Leasing will hold a meeting of the Board of Directors of the Company on 31 July 2017, to consider and approve the Boards Report of the Company for the year ended on 31st March 2017.

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